Secondary Capital Study On ItsWay

BOSTON - (07/28/04) – A much-anticipated study by theGovernment Accountability Office (formerly known as the GovernmentAccounting Office) on secondary capital for credit unions isexpected to be delivered in the next few weeks, according to alawmaker who requested the study. Rep. Brad Sherman, D-Calif., whohas endorsed secondary capital for credit unions, toldrepresentatives for NAFCU during a lunch at the Democratic NationalConvention Tuesday that lawmakers will use the GAO study as ablueprint for legislation addressing credit unions’ needs forsupplementary capital. Legislation to allow credit unions to offersecondary capital is not expected to pass Congress this year but isexpected to be introduced again next year when the 109th Congressconvenes, Sherman told the group.